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Goodwin

CFPB Orders Money Exchange Company to Pay $2.5 Million Over Remittance Practices

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On January 30, 2025, the Consumer Financial Protection Bureau (CFPB) announced  that it had entered into a consent order with an international remittance company regarding the company’s use of deceptive advertising for fee...more

Ballard Spahr LLP

CFPB orders remittance transfer provider to pay almost $2.5 million for alleged illegal activities

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On January 30, 2025, the CFPB ordered Wise, an international remittance company, to pay almost $2.5 million in connection with allegations of illegal activities, including advertising inaccurate fees and failing to properly...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Remittance Company to Pay $2.5 Million for Deceptive Practices and Inaccurate Disclosures

On January 30, 2025, the CFPB issued an order against a remittance company for misleading consumers about fees and failing to provide accurate disclosures, harming consumers who relied on the company’s representations when...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech for Alleged Deceptive ATM Fee Disclosures and Violations of the Electronic Fund Transfer Act

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On January 30, 2025, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Electronic Fund Transfer Act ("EFTA")....more

Troutman Pepper Locke

CFPB Proposes Amendments to Disclosure Requirements Under Remittance Transfer Rule

Troutman Pepper Locke on

On September 20, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a proposed rule aimed at amending the disclosure requirements for international money transfers, commonly known as remittances. The proposed...more

Ballard Spahr LLP

CFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfers

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The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

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On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Ballard Spahr LLP

DC Circuit Rules CFPB Prepaid Card Rule Does Not Mandate Use of “Model Clause”

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The U. S. Court of Appeals for the D.C. Circuit held that the CFPB’s prepaid card rule (Prepaid Rule) does not mandate a “model clause.” The ruling was made in the lawsuit that PayPal, one of the largest digital wallet...more

Goodwin

DC Circuit Holds CFPB Did Not Exceed Statutory Authority with the Prepaid Rule

Goodwin on

​​​​​​​On February 3, 2023, the U.S. Court of Appeals for the District of Columbia Circuit (DC Circuit) issued a decision regarding the disclosure requirements of the Consumer Financial Protection Bureau’s (CFPB) Prepaid...more

Orrick, Herrington & Sutcliffe LLP

D.C. Circuit says CFPB’s Prepaid Rule does not mandate model disclosures for payment companies

On February 3, the U.S. Court of Appeals for the D.C. Circuit reversed a district court’s decision that had previously granted summary judgment in favor of a payment company and had vacated two provisions of the CFPB’s...more

Eversheds Sutherland (US) LLP

DC Circuit Court of Appeals to rule on PayPal’s challenge to CFPB’s Prepaid Rule

In December 2019, PayPal, Inc. filed suit in the US District Court for the District of Columbia challenging the CFPB’s authority to issue two provisions of the so-called prepaid rule, which governs consumer financial products...more

Troutman Pepper Locke

U.S. District Court Invalidates Two Provisions of the CFPB’s Prepaid Rule: The Disclosure Clauses and the Thirty-Day Credit...

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On December 30, 2020, Judge Richard J. Leon on the United States District Court for the District of Columbia entered an Order in PayPal, Inc. v. Consumer Financial Protection Bureau, et al., No. 19-3700-RJL, 2020 WL 7773392...more

Goodwin

PayPal Sues CFPB Over Prepaid Rule

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On December 11, 2019, PayPal filed a complaint in the United States District Court for the District of Columbia over the “Prepaid Rule” that went into effect in April 2019.  PayPal, Inc. v. Consumer Financial Protection...more

Ballard Spahr LLP

CFPB issues annual report on TILA, EFTA, and CARD Act

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The CFPB has issued its annual report on TILA, EFTA, and the CARD Act which covers activity in 2016 and 2017.  The report provides brief summaries of the 2016 and 2017 enforcement actions brought by the CFPB and other federal...more

Ballard Spahr LLP

PayPal files lawsuit against CFPB challenging prepaid card rule

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PayPal filed a lawsuit against the CFPB last week in the D.C. federal district court seeking to invalidate the Bureau’s prepaid card rule (“Rule”).  The Rule became effective on April 1 of this year....more

Ballard Spahr LLP

ABA comments on CFPB’s RFI on consumer access to financial information

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The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

Bradley Arant Boult Cummings LLP

The Prepaid Rule is Finally Here

Last week, the CFPB issued its long-awaited final rule amending Regulation E (Electronic Funds Transfer Act) and Regulation Z (Truth in Lending Act) to create regulations for prepaid financial products (Prepaid Rule). The...more

Morgan Lewis

The Conference of State Bank Supervisors Adopts Model Regulatory Framework for Virtual-Currency Businesses

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Addressing regulatory concerns pertaining to consumer protection, market stability, and law enforcement, the Framework expands on the CSBS draft framework released in December 2014. The Conference of State Bank...more

Morgan Lewis

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

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The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Much Ado About Payroll Cards

In my last blog post, “To Fee or Not to Fee—The Pros and Cons of Payroll Cards,” I discussed the growing popularity of payroll cards and several U.S. senators’ plea for guidance on this burgeoning pay practice. Perhaps in...more

Morrison & Foerster LLP

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...more

Katten Muchin Rosenman LLP

CFPB Finalizes ATM Disclosure Rule Changes

On March 21, the Bureau of Consumer Financial Protection finalized a rule implementing the ATM placard legislation that was signed into law last December. In December 2012, Congress passed and the President signed legislation...more

Morrison & Foerster LLP

No More Sticker Shock — Congress Eliminates the External Fee Notice Requirement in the Electronic Fund Transfer Act

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Congress gave banks and other ATM operators an early holiday present this year. On December 11, the Senate unanimously passed S. 3204, which eliminates the external fee notice requirement in the Electronic Fund Transfer Act,...more

Ballard Spahr LLP

Congress passes bill eliminating ATM fee sticker requirement

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The U.S. Senate has joined the House of Representatives in approving a bill (H.R. 4367) amending the Electronic Fund Transfer Act to eliminate the requirement that a fee disclosure be placed in a prominent and conspicuous...more

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